Fox Plans "Grease" Live TV Musical

Having witnessed the huge ratings for NBC's "The Sound of Music Live," rival network Fox is planning to cash in on that OTHER movie musical everyone who grew up in the 1980s knows by heart - "Grease".

Fox has ordered a three-hour live broadcast of "Grease" which is set to air during 2015. The live event will feature a young ensemble cast and be based on the 1971 Broadway musical and its 1978 hit feature film adaptation that starred Olivia Newton-John and John Travolta.

The original film has grossed nearly $400 million worldwide, making it highest-grossing movie musical ever made. Paramount Television will produce the special, with the cast to be announced at a later date.